Thanks to Kevin for this. If Congress can't agree on $1.2 trillion dollars of deficit-reduction by November 23, 2012 the cuts mandated by sequestration go into effect January 2, 2013. Now that sounds to me like there is a real benefit for Congress to act.
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Bruce
"To most Americans the term "sequester," used politically, may not bring back memories of 2011's late summer budget battles between Congress and the White House. The end result was a Super Committee composed of members from both sides of the aisle, from both chambers, whose job was to make the tough decisions.
In the end, all the committee voted to do was vote on a package of $1.2 trillion dollars in cuts that would go into effect in 2013 if Congress didn't agree on deficit-reduction package by Nov. 23 of this year. And it isn't looking all that optimistic that will happen in the days following the election."
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